Steward Partners Investment Advisory LLC Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Steward Partners Investment Advisory LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,066 shares of the natural resource company’s stock after purchasing an additional 5,779 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Freeport-McMoRan were worth $2,135,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FCX. Mountaineer Partners Management LLC increased its holdings in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after purchasing an additional 11,687,982 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Freeport-McMoRan by 142.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after purchasing an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after purchasing an additional 2,255,529 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.9 %

Shares of FCX stock opened at $36.97 on Friday. The company’s 50-day moving average price is $38.06 and its 200-day moving average price is $42.36. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a market cap of $53.13 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $34.26 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on FCX. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Scotiabank cut their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.75.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.